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Exchange Giant Back Online, Offered Compensation

Binance

Exchange

Journalist

Sead Fadilpašić

Journalist

Sead Fadilpašić

About Author

Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated:

June 26, 2023

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Following server issues and maintenance, cryptocurrency exchange giant Binance is back online, with all engines up and running, says their official Twitter account.

As compensation and thanks for “your support during this temporary upgrade period”, Binance is offering 70% discount on all trading fees until Feb 24th, 2018.

The exchange platform, at the time the biggest in the world by daily trading volume, went offline unexpectedly yesterday, leaving many traders in the middle of trades. This cost them their first place in the list of exchanges, having been overtaken by both Upbit – currently boasting first place – and OKEx, who had fallen to second place after having overtaken both giants yesterday.

Some traders were very frustrated, demanding compensation – even though the terms of use clearly state that, “In no event shall Binance be liable for any failure or delay of service resulted from regular equipment maintenance of the information network, connection error of information network, error of computers, communication or other systems, power failure, strike, labor disputes, riots, revolutions, chaos, insufficiency of production or materials, fire, flood, tornado, blast, war, governmental acts or judicial orders.”

The discount now offered is purely an act of goodwill.

Many are thanking CZ, CEO of the exchange, and Binance for posting regular updates and keeping their users informed. This just goes to prove that good customer service goes a long way.

The promise of 30 minutes’ time to cancel orders still stands, according to Binance’s official Twitter account.